NYCB Jul 2024 5.000 put
- Reuters
UPDATE 2-Fitch downgrades New York Community Bancorp to 'BB' on near-term earnings pressure
Fitch Ratings on Tuesday downgraded embattled regional lender New York Community Bancorp and its bank subsidiary, Flagstar Bank, to 'BB' from 'BB+'. The ratings agency said the downgrade reflects its assessment that NYCB has a weaker earnings and profitability profile coupled with the execution risk associated with its restructuring plan. Last week, NYCB reported a first-quarter loss of $327 million, or 45 cents per share, as the lender set aside higher provision for credit losses due to its exposure to the beleaguered commercial real estate sector.
- Reuters
Fitch downgrades New York Community Bancorp to 'BB' on near-term earnings pressure
The ratings agency said the downgrade reflects its assessment that NYCB has a weaker earnings and profitability profile coupled with the execution risk associated with its restructuring plan. Last week, NYCB reported a first-quarter loss of $327 million, or 45 cents per share, as the lender set aside higher provision for credit losses due to its exposure to the beleaguered commercial real estate sector. The lender had said it expected annual loss to be between 50 cents and 55 cents in 2024, indicating there will be little relief in the near-term as it anticipates an elevated level of loan loss provision over the remainder of the year.
- Zacks
New York Community (NYCB) Reports Loss in Q1, Cuts Dividend
New York Community's (NYCB) Q1 results reflect the impacts of a rise in provisions for credit losses and expenses. A fall in fee income and a lower deposit balance also affect its performance.
